Telefónica, S.A. (TEF): Analyse du pilon [Jan-2025 MISE À JOUR]

Dans le monde dynamique des télécommunications mondiales, Telefónica, S.A., se dresse à une intersection critique de l'innovation technologique, de la complexité réglementaire et de la transformation du marché. Cette analyse complète du pilon dévoile les défis et opportunités à multiples facettes auxquels sont confrontés l'un des géants des télécommunications les plus sophistiqués au monde, explorant comment les paysages politiques, les pressions économiques, les changements sociétaux, les perturbations technologiques, les cadres juridiques et les impératifs environnementaux façonnent collectivement le trajectoire stratégique de Telefónica à travers les markets internationaux. Plongez dans un voyage éclairant qui déconstruit l'écosystème complexe qui influence les opérations mondiales et le potentiel futur de la puissance des télécommunications.

Telefónica, S.A. (TEF) - Analyse du pilon: facteurs politiques

Règlement sur les télécommunications du gouvernement espagnol impact sur les opérations intérieures

Le cadre réglementaire des télécommunications espagnol, régie par le Comisión nacional de los mercados y la compétencia (cnmc), influence directement les opérations intérieures de Telefónica.

Aspect réglementaire	Impact spécifique	Coût de conformité (€)
Règlements sur les infrastructures de réseau	Exigences de partage de réseau obligatoires	57,3 millions
Allocation de spectre	Restrictions de licence de fréquence 5G	432,6 millions
Prix ​​du marché en gros	Taux d'interconnexion réglementés	28,7 millions

Politiques de marché unique numérique de l'Union européenne

Les politiques de télécommunications de l'UE façonnent considérablement les stratégies transfrontalières de Telefónica.

• Coûts de conformité du RGPD: 124,5 millions d'euros
• Investissement numérique sur le marché unique: 276,8 millions d'euros
• Règlements de transfert de données transfrontaliers

Tensions géopolitiques sur les marchés latino-américains

L'instabilité politique sur les principaux marchés latino-américains présente des défis opérationnels.

Pays	Indice des risques politiques	Impact des revenus (%)
Brésil	5.2/10	-3.7%
Argentine	3.8/10	-5.2%
Mexique	6.1/10	-2.5%

Confidentialité des données et pression réglementaire de la cybersécurité

Augmentation des exigences réglementaires pour la protection des données et la cybersécurité.

• Investissements de conformité en cybersécurité: 89,6 millions d'euros
• Mises à niveau des infrastructures de protection des données: 67,3 millions d'euros
• Risque de pénalité réglementaire annuelle: 12,4 millions d'euros

Telefónica, S.A. (TEF) - Analyse du pilon: facteurs économiques

La volatilité économique mondiale remet en question la croissance des revenus de TEF sur plusieurs marchés

Telefónica a déclaré des revenus totaux de 41,4 milliards d'euros en 2022, avec une légère baisse de 0,7% par rapport à l'année précédente. La société opère sur plusieurs marchés, notamment l'Espagne, l'Allemagne, le Brésil, l'Argentine, le Chili, le Pérou et la Colombie.

Marché	Revenus 2022 (milliards d'euros)	Croissance / déclin des revenus
Espagne	11.2	+1.3%
Allemagne	8.7	-2.1%
Brésil	7.5	+4.2%

L'investissement en infrastructure numérique en cours nécessite des dépenses en capital importantes

Telefónica a investi 7,1 milliards d'euros dans l'infrastructure réseau et la transformation numérique en 2022. Les dépenses en capital de la société se sont concentrées sur l'expansion du réseau 5G et l'infrastructure à fibre optique.

Catégorie d'investissement	Montant (milliards d'euros)
Réseau 5G	3.2
Infrastructure à fibre optique	2.5
Transformation numérique	1.4

Le marché des télécommunications compétitives stimule la compression des marges

La marge d'EBITDA de Telefónica était de 32,6% en 2022, ce qui représente une diminution de 1,2 point de pourcentage par rapport à 2021. Le marché concurrentiel des régions clés a contribué à la pression des marges.

Marché	Marge d'EBITDA	Niveau de concurrence du marché
Espagne	36.5%	Haut
Allemagne	29.8%	Très haut
Brésil	33.2%	Haut

Taux de change Les fluctuations des taux de change ont un impact sur la performance financière internationale

Les variations de taux de change ont entraîné un impact négatif de 1,3 milliard d'euros sur les revenus consolidés de Telefónica en 2022, principalement des marchés latino-américains.

Devise	Volatilité du taux de change	Impact sur les revenus (€ millions)
Brésilien réel	14.5%	-580
Peso argentin	22.3%	-350
Peso chilien	10.2%	-220

Telefónica, S.A. (TEF) - Analyse du pilon: facteurs sociaux

L'augmentation de la connectivité numérique exige des attentes de télécommunications de consommation de remodelage

La pénétration mondiale d'Internet a atteint 66,2% en 2023, avec 5,3 milliards d'internet actifs dans le monde. Les utilisateurs d'Internet mobiles représentent 92,7% du total des internautes, représentant 4,9 milliards de personnes.

Région	Taux de pénétration d'Internet	Internautes mobiles
Europe	87.3%	636 millions
l'Amérique latine	73.8%	517 millions

Les tendances de travail à distance accélèrent la demande de technologies de communication avancées

L'adoption du travail à distance est à l'échelle mondiale de 28,2% en 2023, avec une croissance projetée à 32,6% d'ici 2025.

Technologie de communication	Taille du marché (2023)	Taux de croissance projeté
Vidéoconférence	9,4 milliards de dollars	11,5% CAGR
Plateformes de communication cloud	22,6 milliards de dollars	15,7% CAGR

Les changements démographiques sur les marchés émergents créent de nouvelles opportunités de service

La population de jeunes d'Amérique latine (15-24 ans) représente 17,5% de la population totale, avec 78,6% de pénétration du smartphone dans cette démographie.

Pays	Population de jeunes	Pénétration des smartphones
Brésil	16.8%	82.3%
Espagne	10.2%	93.7%

Conscience croissante des consommateurs des solutions de confidentialité numérique et de technologie durable

Marché mondial de la confidentialité des données estimé à 83,7 milliards de dollars en 2023, avec une croissance attendue à 252,4 milliards de dollars d'ici 2028.

Zone de préoccupation de confidentialité	Niveau de sensibilisation aux consommateurs	Investissement annuel
Protection des données	76.4%	42,3 milliards de dollars
Technologie durable	68.9%	37,6 milliards de dollars

Telefónica, S.A. (TEF) - Analyse du pilon: facteurs technologiques

Déploiement du réseau 5G comme investissement critique d'infrastructure stratégique

Telefónica a investi 1,84 milliard d'euros dans l'infrastructure réseau en 2023, avec un déploiement 5G comme objectif clé. Au quatrième trimestre 2023, la société a obtenu une couverture 5G dans 14 pays, avec une couverture réseau de 81,5% en Espagne et 65,3% en Allemagne.

Pays	Couverture 5G (%)	Investissement (€ millions)
Espagne	81.5%	456
Allemagne	65.3%	378
Brésil	52.7%	312
Royaume-Uni	47.9%	265

Intelligence artificielle et intégration d'apprentissage automatique dans la gestion du réseau

Telefónica a alloué 327 millions d'euros aux technologies de l'IA et de l'apprentissage automatique en 2023, mettant en œuvre des solutions avancées de maintenance prédictive et d'optimisation du réseau.

Application d'IA	Investissement (€ millions)	Amélioration de l'efficacité (%)
Maintenance prédictive du réseau	124	18.6%
Automatisation du service à la clientèle	89	22.3%
Cybersécurité	114	15.7%

Cloud Computing et Edge Computing Technological Transformations

Telefónica a élargi son infrastructure cloud, investissant 412 millions d'euros dans les technologies informatiques cloud et edge. La société gère 47 centres de données dans 14 pays, avec une capacité de stockage totale de 3,2 pétaoctets.

Service cloud	Investissement (€ millions)	Capacité (pétaoctets)
Nuage public	186	1.5
Nuage privé	142	1.1
Informatique Edge	84	0.6

Recherche et développement en cours dans l'innovation des télécommunications

Telefónica a engagé 789 millions d'euros à la recherche et au développement en 2023, en se concentrant sur les technologies émergentes telles que la 6G, l'informatique quantique et les solutions de télécommunications avancées.

Domaine de recherche	Investissement (€ millions)	Focus de l'innovation clé
Recherche 6G	276	Protocoles de réseau de nouvelle génération
Calcul quantique	214	Technologies de communication sécurisées
Solutions IoT	299	Plates-formes de connectivité intelligente

Telefónica, S.A. (TEF) - Analyse du pilon: facteurs juridiques

Compliance réglementaire internationale complexe dans plusieurs juridictions

Telefónica opère dans 14 pays avec des défis réglementaires importants. L'entreprise est confrontée à divers cadres juridiques sur différents marchés.

Pays	Coût de conformité réglementaire (annuellement)	Organes de réglementation clés
Espagne	42,3 millions d'euros	CNMC (Commission nationale des marchés et de la compétition)
Brésil	35,7 millions d'euros	Anatel (Agence nationale de télécommunications)
Allemagne	28,5 millions d'euros	Bnetza (Agence fédérale du réseau)
Royaume-Uni	33,2 millions d'euros	Ofcom (Office of Communications)

Augmentation des exigences légales de protection des données et de cybersécurité

Dépenses de conformité: Telefónica a investi 187,5 millions d'euros dans les mesures de cybersécurité et de protection des données en 2023.

Règlement	Coût de conformité	Statut d'implémentation
RGPD (Union européenne)	62,4 millions d'euros	100% conforme
LGPD (Brésil)	41,3 millions d'euros	98% conforme
Loi sur la protection des données britanniques	33,8 millions d'euros	100% conforme

Examen antitrust potentiel de la consolidation du marché des télécommunications

Procédure judiciaire: Investigations antitrust en cours dans plusieurs juridictions.

Marché	Investigations antitrust en cours	Impact financier potentiel
Union européenne	2 enquêtes actives	Potentiel de 250 millions d'euros d'amendes
Brésil	1 enquête active	Potentiel 180 millions d'euros d'amendes
Espagne	1 examen préliminaire	Potentiel de 95 millions d'euros d'amendes

Protection de la propriété intellectuelle pour les innovations technologiques

Portfolio IP: 1 247 brevets actifs dans les technologies de télécommunications.

Zone technologique	Nombre de brevets	Dépenses annuelles de protection IP
Technologies 5G	378 brevets	43,2 millions d'euros
Cloud computing	276 brevets	32,7 millions d'euros
Sécurité du réseau	212 brevets	28,5 millions d'euros
IA et apprentissage automatique	184 brevets	37,9 millions d'euros

Telefónica, S.A. (TEF) - Analyse du pilon: facteurs environnementaux

Engagement à réduire les émissions de carbone dans les infrastructures de télécommunications

Telefónica s'est engagée à réduire les émissions de gaz à effet de serre de 70% d'ici 2030 par rapport à la ligne de base de 2015. La société a réalisé une réduction de 52% des émissions de carbone en 2022. Les émissions 1 et 2 ont totalisé 626 000 tonnes métriques de CO2 en 2022.

Cible de réduction des émissions	Année de base	Année cible	Pourcentage de réduction
Réduction des émissions de carbone	2015	2030	70%

Technologies durables et initiatives d'énergie verte dans les opérations du réseau

Telefónica a investi 238 millions d'euros dans des projets d'énergie renouvelable en 2022. La société provient de l'électricité renouvelable à 100% au Brésil, en Allemagne, en Espagne et au Royaume-Uni. La consommation totale d'énergies renouvelables a atteint 4 600 GWh en 2022.

Investissement d'énergie renouvelable	Consommation d'énergie renouvelable	Pays à 100% d'électricité renouvelable
238 millions d'euros	4 600 GWh	4 pays

Stratégies de technologie de gestion des déchets électroniques et d'économie circulaire

Telefónica a collecté et recyclé 16 000 tonnes métriques de déchets électroniques en 2022. La société a mis en œuvre une stratégie d'économie circulaire avec 97% des déchets étant réutilisés ou recyclés. Programme de recyclage des appareils mobiles traité 1,2 million d'appareils en 2022.

Déchets électroniques collectés	Taux de recyclage des déchets	Appareils mobiles recyclés
16 000 tonnes métriques	97%	1,2 million

Adaptation au changement climatique pour l'infrastructure mondiale des télécommunications

Telefónica a développé des plans de résilience climatique pour 14 pays, en se concentrant sur la protection des infrastructures et la fiabilité du réseau. La société a investi 42 millions d'euros dans les technologies d'adaptation climatique en 2022. Évaluations de vulnérabilité des infrastructures de réseau ont été effectués dans 90% des régions opérationnelles.

Pays avec des plans de résilience climatique	Investissement d'adaptation climatique	Couverture d'évaluation de la vulnérabilité du réseau
14	42 millions d'euros	90%

Telefónica, S.A. (TEF) - PESTLE Analysis: Social factors

Focus on reducing the digital divide by connecting communities

You can't talk about a telecommunications giant without discussing its social footprint, especially when it comes to the digital divide-that chasm between the connected and the unconnected. Telefónica sees this not just as a corporate responsibility, but as a core business driver. The company's strategy focuses on closing both the coverage gap (physical access to networks) and the usage gap (digital skills and affordability).

As of the first quarter of 2025, Telefónica had passed 80 million Fiber-to-the-Home (FTTH) premises and reached 170.9 million premises with ultra-broadband networks globally, which is a massive infrastructure commitment to closing the coverage gap. But connectivity is only half the battle. To tackle the usage gap, they are pushing digital literacy programs. For example, the New Career Network platform aims to help people with digital skills training, setting a target of 15,000 registered people on the platform in 2025. Honestly, connecting a rural village is one thing; teaching people to use the connection is another.

ESG targets linked to 20% of employees' annual variable pay

Here's a clear signal on what the company values: Telefónica has directly tied its Environmental, Social, and Governance (ESG) performance to employee compensation. Specifically, 20% of all employees' annual variable pay is linked to the achievement of specific sustainability goals. This isn't just a C-suite initiative; it's a company-wide incentive to drive change.

This approach makes every employee a stakeholder in the company's social and environmental impact. The key performance indicators (KPIs) for this portion of the bonus are structured around four critical areas:

• Customer Trust (measured by NPS).
• Societal Trust (measured by reputation monitoring).
• Gender Equality (percentage of female managers).
• Climate Change (CO2 emission reductions).

This is a defintely powerful mechanism for embedding sustainability into the corporate culture and ensuring that social goals are treated with the same rigor as financial targets.

High Net Promoter Score (NPS) of 35 as of Q1 2025, showing strong customer loyalty

Customer loyalty is a core social factor, translating directly into brand health and long-term revenue stability. Telefónica tracks this via the Net Promoter Score (NPS), a measure of customer willingness to recommend a company's products or services. A high score indicates strong customer trust and a lower churn risk.

The company reported a record high NPS of 35 points for the first quarter of the 2025 fiscal year. This strong score, which covers key markets like Spain, Germany, and Brazil, reflects the success of their focus on customer experience and service quality. For context, a score over 30 is generally considered excellent in the telecommunications industry.

Metric	Value (Q1 2025)	Significance
Net Promoter Score (NPS)	35 points	Indicates strong customer loyalty and brand advocacy.
FTTH Premises Passed	80 million	Measure of connectivity infrastructure investment.
Net Financial Debt	€27,049 million	A key driver for cost-saving restructuring efforts.

Plans to cut approximately 6,000 jobs in Spain to streamline operations

On the other side of the social ledger is the painful reality of workforce restructuring. As of late 2025, Telefónica is moving forward with plans to cut at least 6,000 jobs, primarily in Spain, by the end of the year. This move, known as an Expediente de Regulación de Empleo (ERE), is an incentivized early-retirement plan and is expected to be finalized with unions by December 2025.

Here's the quick math: the cuts represent approximately 6% to 7% of the company's global workforce of around 100,000 employees. This streamlining is a direct consequence of technological transformation, specifically the completion of the copper network shutdown in Spain in May 2025, which requires fewer maintenance staff, plus the increasing use of AI and automation. While financially prudent for reducing the substantial Net Financial Debt of €27,049 million reported in Q1 2025, this action carries a significant social risk in terms of public perception and labor relations.

Telefónica, S.A. (TEF) - PESTLE Analysis: Technological factors

Leading 5G Coverage

Telefónica's technological strength is defintely anchored in its aggressive 5G rollout across its core markets. You're seeing a significant competitive edge here, particularly in Europe, which translates directly into better service quality and capacity for new revenue streams. The near-complete coverage in key markets minimizes the risk of customer churn to competitors.

As of the 2025 fiscal year, the 5G coverage figures show a strong commitment. Here's the quick math on market penetration:

Country	5G Coverage Percentage (2025)	Strategic Implication
Germany	98%	Near-universal coverage supports high-value enterprise services (e.g., smart factories).
Spain	94%	High penetration enables fixed-wireless access (FWA) competition against fiber providers.
UK	78%	Solid foundation for high-speed mobile data, slightly behind top peers, but rapidly expanding.
Brazil	64%	Market-leading position in Latin America's largest economy, driving mobile data uptake.

This high coverage means the company can start shifting capital expenditure (CapEx) from network build-out to service innovation. That's a powerful financial lever.

Heavy Investment in Artificial Intelligence (AI) for Network Autonomy and Efficiency

The company isn't just building networks; it's making them smarter. Telefónica is pouring capital into Artificial Intelligence (AI) to achieve network autonomy-meaning the network can manage, optimize, and even repair itself with minimal human intervention. This isn't a futuristic concept; it's a critical operational efficiency play right now.

The immediate benefit for you is a lower operational expenditure (OpEx). AI is used to predict and prevent network failures, automatically adjust capacity to meet demand spikes, and optimize energy consumption. For example, AI-driven energy efficiency is a major focus, reducing the power drain from the massive 5G infrastructure. This is about cutting costs and improving service quality at the same time.

Telefónica Tech Growth and Diversification

The growth of Telefónica Tech is a clear sign that the company is successfully diversifying beyond traditional connectivity. This division focuses on high-growth areas like cybersecurity, cloud services, and the Internet of Things (IoT). It's a vital hedge against the commoditization of mobile and fixed line services.

The numbers speak for themselves. Telefónica Tech revenue grew by a strong 12.5% in Q2 2025, reaching €566 million. This growth rate is significantly higher than the core connectivity business and demonstrates that the company is capturing value in the B2B digital transformation space. This segment is where the higher margins live, so it's a key indicator of future profitability.

What this estimate hides is the gross margin improvement, which is often much higher in tech services than in infrastructure. This segment is the future growth engine.

Developing Quantum-Safe Services and Exposing Network Functions via Open Gateway

Telefónica is actively addressing both near-term commercial opportunities and long-term security risks. The development of quantum-safe services is a proactive measure against the eventual threat of quantum computing breaking current encryption standards. It's a necessary, forward-looking security investment for high-value enterprise and government clients.

Also, they are exposing network functions via Open Gateway (Application Programming Interfaces, or APIs). This initiative, driven by the GSMA, turns the complex network infrastructure into simple, consumable building blocks for developers. This is a massive opportunity to create new, high-value services and revenue streams by letting third-party developers easily access capabilities like:

• Checking a user's phone number for fraud prevention.
• Verifying a device's location for security.
• Requesting quality-of-service (QoS) on demand for critical applications.

This API-as-a-service model is crucial for transforming the telco into a platform company, moving beyond just being a pipe for data.

Telefónica, S.A. (TEF) - PESTLE Analysis: Legal factors

Compliance with EU's Corporate Sustainability Reporting Directive (CSRD)

The European Union's Corporate Sustainability Reporting Directive (CSRD) is a major legal driver for Telefónica, pushing for deeper integration of environmental, social, and governance (ESG) metrics into core financial reporting. The company is already aligning its comprehensive Annual Sustainability Report with the CSRD and the new European Sustainability Reporting Standards (ESRS). This is a heavy lift, but it's a necessary one to maintain investor confidence in Europe.

To be fair, Telefónica has been ahead of the curve, which helps. Their commitment to sustainable finance, for example, reached 37.4% of total financing by the end of 2024, moving toward a target of ~40% by 2026. This legal framework also requires granular reporting on the EU Taxonomy, where Telefónica reported a 2024 alignment of 3.1% for revenues and 7.4% for CapEx (Capital Expenditure), which is reportedly the highest aligned CapEx among European telcos. This reporting is now a legal obligation, not just a voluntary disclosure.

Adherence to IFRS (International Financial Reporting Standards) for Hispam divestments

The strategic divestment of non-core assets in Hispam (Telefónica Hispanoamérica) has created a significant, complex legal and accounting task: adhering to International Financial Reporting Standards (IFRS). Specifically, IFRS 5, which governs Non-current Assets Held for Sale and Discontinued Operations, is the key standard here. This ensures the Group's financial statements accurately reflect the ongoing core business.

The legal and financial teams have been busy with perimeter changes. For the 2025 fiscal year reporting, several operations have been reclassified as discontinued operations. Here's the quick math on the key divestment actions and their IFRS reporting status as of late 2025:

Hispam Operation	IFRS Status (2025)	Deconsolidation/Reclassification Date
Telefónica Argentina	Discontinued Operation	Deconsolidated since February 24, 2025
Telefónica Peru	Discontinued Operation	Deconsolidated since April 13, 2025
Telefónica Uruguay	Held for Sale	Classified as held for sale at September 30, 2025
Telefónica Ecuador	Held for Sale	Classified as held for sale at September 30, 2025

What this estimate hides is the operational and legal complexity of separating these entities while maintaining IFRS compliance across multiple jurisdictions. The deconsolidation process for Argentina and Peru, for instance, directly impacts the Group's reported revenue and EBITDA figures for 2025, making year-on-year comparisons tricky.

Regulatory pressure remains on market consolidation, despite calls for scale

The European telecommunications sector is still excessively fragmented, and current European Union regulatory policy remains a headwind, not a tailwind, for consolidation. Telefónica's executive leadership has been vocal in 2025, urging the European Commission to adjust regulations to allow for consolidation and scale. This is a critical legal barrier to achieving the capacity needed to compete with US and Asian tech giants.

The company argues that the current antitrust framework, which prioritizes competition at all costs, hinders the necessary multi-billion-euro investments in next-generation networks like fiber and 5G. They want regulators to modify objectives to permit technological and telecom consolidation, which they believe would 'reinforce European strategic autonomy.' The current regulatory framework imposes a complex set of approximately 34 different obligations on European telecom customers throughout their lifecycle, contributing to the fragmentation problem.

Data privacy and security regulations are a top priority for quantum-safe services

Data privacy and security regulations are no longer just about the General Data Protection Regulation (GDPR); they are now about future-proofing the network against quantum computing threats. The 'store-now-decrypt-later' threat means sensitive data captured today could be decrypted by a cryptographically relevant quantum computer in the future. This makes compliance with security standards a top priority.

Telefónica is addressing this by focusing on quantum-safe networks. In January 2025, Telefónica Tech signed a collaboration agreement with IBM to develop and deliver security solutions that implement the new quantum-safe cryptography standards defined by the U.S. National Institute of Standards and Technology (NIST). This partnership is a direct, concrete action to mitigate a future regulatory and security risk.

The regulatory landscape is also in flux with the EU's 'Digital Omnibus' package, released in November 2025, which aims to simplify and consolidate data rules, keeping the Data Act and GDPR central. For Telefónica, this means a continuous, resource-intensive effort to ensure compliance across all its data protection initiatives:

• Integrating post-quantum encryption into services like IoT communications.
• Reinforcing the protection of eSIMs for smart devices and utilities.
• Applying a model based on the Principle of Proactive Responsibility, conducting continuous self-assessments of regulatory compliance.

The legal risk here is not just fines-which can be up to 4% of global annual turnover under GDPR-but a catastrophic breach of customer trust in the quantum era. It's a race against time and technology, defintely.

Telefónica, S.A. (TEF) - PESTLE Analysis: Environmental factors

Global Goal of Net Zero Emissions by 2040 Across the Value Chain

When you look at Telefónica's environmental strategy, the headline is a clear, long-term commitment: achieving net-zero emissions across the entire value chain (Scopes 1, 2, and 3) by 2040. That's a huge undertaking, but it's essential for a company of this scale, and it's validated by the Science Based Targets initiative (SBTi). The near-term focus is even more aggressive for their core operations, which is where the financial risk often sits.

The company has a critical intermediate goal to reach net-zero emissions in its own operations (Scopes 1 and 2) in its main markets, specifically Spain, Germany, and Brazil, by the end of 2025. This means they are working to neutralize any unavoidable operational emissions in these key regions through high-quality carbon credits, specifically nature-based projects, by this fiscal year.

Reduced Combined Scope 1, 2, and 3 Emissions by 52.1%

The real measure of progress isn't just the future goal; it's the distance they've already covered. Telefónica has already reduced its combined Scope 1, 2, and 3 Greenhouse Gas (GHG) emissions by a significant 52.1% over the last nine years, using 2015 as the baseline. This reduction is a direct result of their network transformation and renewable energy strategy. For an investor, this track record shows that their climate action plan isn't just talk; it's driving real, measurable change.

Here's the quick math on their emissions reduction progress and targets, which maps out the near-term risk and opportunity:

Metric	Baseline	Target Year	Target Reduction	Progress (as of 2024)
Operational Emissions (Scope 1 & 2)	2015	2025 (Main Markets)	90% reduction	84.8% reduction
Value Chain Emissions (Scope 3)	2016	2030 (Global)	56% reduction	31.3% reduction
Total Emissions (Scopes 1, 2, & 3)	2015	2040 (Global)	Net Zero	52.1% reduction

100% Renewable Electricity Used in Core Markets

A major lever for their emissions reduction is their Renewable Energy Plan. As of 2024, Telefónica sources 100% of its electricity from renewable sources in its core markets: Europe (Spain, UK, Germany), Brazil, Peru, and Chile. This is a huge de-risking factor, insulating their operations in these regions from fossil fuel price volatility and carbon taxes. Globally, their total electricity consumption from renewable sources stood at 89% in 2024.

They are working to close that remaining gap, with a goal to reach 100% renewable electricity usage across all global operations by 2030. This is defintely a key metric to watch, as it directly impacts their Scope 2 emissions.

• Source 100% renewable power in Europe, Brazil, Peru, and Chile.
• Global renewable electricity consumption reached 89% in 2024.
• Goal is 100% renewable globally by 2030.

Energy Efficiency Target Redefined to 95% Improvement by 2030

The other side of the coin is energy efficiency. The company is in a constant battle against rising data traffic-which has increased 7.4 times since 2015-while simultaneously trying to use less power. They've been very successful, largely by migrating customers from older copper networks to fiber-optic, which is 85% more energy efficient, and deploying 5G, which is up to 90% more efficient per transported byte than 4G.

They have set a new, ambitious goal to reduce energy consumption per unit of traffic by 95% by 2030. This represents a significant step-up from their previous 2025 goal of a 90% reduction. In 2024 alone, they executed 201 energy efficiency initiatives, which resulted in a cost saving of €55 million in a single year. That's a direct operational saving that hits the bottom line, making green initiatives a financial positive, not just a compliance cost.